M&A · Energy · Oil & Gas Field Services, NEC
Patterson UTI Energy Inc to acquire Nextier Oilfield Solutions Inc.
Announced Jun 15, 2023 · Closed Sep 1, 2023
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Patterson UTI Energy Inc (PTEN)
- Target
- Nextier Oilfield Solutions Inc. (NEX)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Sep 1, 2023
Deal protections
- Break fee (target pays)
- $73.0M
- Reverse fee (buyer pays)
- $60.9M
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Moelis
- Moelis fee
- $4.0M
Sector context · Energy
- Comparable deals
- 33 in the prior 24 months
- Premium
- Sector median 24.6%
- EV / Adj. EBITDA
- Sector median 10.2x
- Break fee
- Sector median 2.9%
Timeline
- AnnouncedJun 15, 2023
- Proxy filedJul 31, 2023
- Definitive proxyJul 31, 2023
- Shareholder voteAug 30, 2023
- ClosedSep 1, 2023
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$16.90$28.77
Discounted cash flowGoldman Sachs$12.42$20.91
Discounted cash flowGoldman Sachs$18.14$30.80
Future share priceGoldman Sachs$12.42$19.01
Future share priceGoldman Sachs$9.88$14.26
Discounted cash flowMoelis$2,674.00$3,479.00
Discounted cash flowMoelis$11.32$14.72
Discounted cash flowMoelis$3,251.00$4,205.00
Discounted cash flowMoelis$15.23$19.70
Trading comparablesMoelis$1,676.00$2,617.00
Implied value per Nextier Oilfield Solutions Inc. share by analysis, from Goldman Sachs and Moelis · DCF discount rate 10%–12%.